Non-oil economy posts record growth in November

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Almoosa Health kicks off its bookbuilding

Good morning, ladies and gentlemen. With French President Emmanuel Macron wrapping up his visit to Riyadh, we have the rundown on the biggest business headline announced during his trip, with TotalEnergies and EDF Renewables landing contracts for three solar parks in Saudi. We also have news of the strongest non-oil economy growth in over a year.

HAPPENING TODAY-

#1- Institutional investors will be able to place their orders for the IPO of AlmoosaHealth starting today before the bookbuilding wraps up next Tuesday, 10 December. The healthcare provider will take a 30% stake to Tadawul's main market. Part of the proceeds — after deducting an estimated SAR 52.4 mn in offering expenses — will be distributed to the selling shareholders, while the remaining will fuel the company’s growth plans and to repay outstanding debt.

ADVISORS- Our friends at EFG Hermes will act as underwriters and bookrunners on the transaction, alongside Banque Saudi Fransi Capital, which is also acting as the lead manager and financial advisor. PwC will act as financial due diligence advisor as well as market consultant, while Latham and Watkins is providing counsel. Moelis is advising the selling shareholders.

#2- The final allocation of shares for Digital Research Company’s (DRC) Nomu IPO is set to take place today. DRC priced its Nomu IPO at SAR 83 per share, which will see selling shareholders lock in some SAR 28 mn in total proceeds, giving the firm a market cap of SAR 140.1 mn at listing. The market research, data analytics, and consulting firm is offering a 22.5% stake on Nomu.

ADVISORS- Value Capital is quarterbacking the transaction as financial advisor and bookrunner. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alnima Investment, Riyad Capital, Aljazira Capital, Alistithmar Capital, Albilad Capital, ANB Capital, SAB Invest, Derayah, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.

#3- The Saudi-French Innovation Summit opens its doors at Crowne Plaza Riyadh today, according to Aleqtisadiah. The event will bring together over 50 French companies and 300 industry leaders, entrepreneurs, and investors from both nations to probe potential partnerships and investments in the tech sector.

#4- The two-day Zakat, Tax and Customs Conference will get underway in Riyadh in a few hours. The conference will focus on using digitization and artificial intelligence (AI) to improve Zakat, tax, and customs management, with the aim of supporting economic sustainability, security enhancement, and digital transformation. Key discussions will include balancing cooperation and competition, improving transparency, and driving efficiency through technological innovation in these fields.

WEATHER- Riyadh will be cloudy with a high of 26°C and a low of 14°C. Makkah is also getting some clouds, with temperatures peaking at 29°C and dropping to 21°C. Meanwhile, Dammam will have a high of 24°C and a low of 15°C.

PSAs-

#1- Property owners in 11 Riyadh districts must wrap up the registration of their properties by the end of the day tomorrow through the Real Estate Registry website, the Real Estate General Authority said in a statement. The districts are Al Mathar Ash Shamali, Al Murabba, Al Malaz, Al Olaya, An Namudhajiyah, Al Zahra, Al Nasiriyyah, Al Mutamarat, Ad Dhubbat, Taibah, and Dahiat Namar. Missing the deadline may result in fines.

#2- Drivers can now report road accidents using the Najm app under a new service launched by the Ins. Authority to facilitate the processing of auto ins. claims, according to state news agency SPA.

WATCH THIS SPACE-

#1- Shares of Arabica Star will begin trading on Nomu tomorrow at SAR 64 apiece, according to a Tadawul statement. Trading on the first three days will be subject to a price fluctuation limit of ±30%, after which the daily limit will be capped at ±10%, and a static price fluctuation limit of ±10% will be removed.

REFRESHER- The coffee shop and restaurant operator is taking a 25% stake to the parallel market in an offering that was 16.1x oversubscribed. Arabica Star’s final share pricing of SAR 64 sees it raising SAR 17.6 mn in proceeds and gives it a market cap of SAR 70.4 mn at listing, according to EnterpriseAM Saudi calculations.

#2- Nomu-listed AME for Medical Supplies is edging closer to making the jump to Tadawul’s main market, after its board signed off on the transition, it said in a filing to the exchange. The company tapped Aldukheil Financial Group as its financial advisor for the move, which now hinges on regulatory approval.

About AME: Established in 2005, the Jeddah-based company distributes medical products, supplies, and equipment primarily used in the fields of cosmetic and plastic surgery, according to its website. It has been trading on Nomu since January 2022, debuting with a capital of SAR 70 mn.

#3- The Industry and Mineral Resources Ministry earmarked five sites for setting up mining complexes in Riyadh, Makkah, and Asir, according to a post on X. The sites are located in Wadi Jawwah (1 sq km), Ad Dilam (2.5 sq km), and South Al Quwaiiyah (23.1 sq km) in Riyadh; Shabarqan (5.3 sq km) in Makkah; and East Al Dahou (2.2 sq km) in Asir.

#4- Saudi Arabia plans to draw SAR 400 bn in investments to its mining sector next year under the 2025 draft budget, Mubasher reports. The Industry and Mineral Resources Ministry also plans to offer industrial plots for investors in Jubail and Yanbu, with projected investments of SAR 29.9 bn.

#5- Almarai’s seafood and red meat production facilities are expected to be operational within two years, CEO Abdullah Albader told Bloomberg. The Kingdom’s largest dairy producer is also committing USD 1.8 bn to boost poultry output by up to 70% by 2026, as it targets 450 mn birds a year. The new ventures come as part of a SAR 18 bn five-year investment by the outfit to diversify its food portfolio and play into Saudi’s plan to promote food security and reduce reliance on food imports which currently account for some 80% of the Kingdom’s food needs.

DATA POINTS-

#1- The assets managed by the General Organization for Social Ins. (Gosi) have reached over SAR 1.2 tn, Finance Minister Mohammed Al Jadaan was quoted as saying at the Regional Social Security Forum for Asia and the Pacific by local media (here and here).

#2- Mortgage loans handed out by Saudi commercial banks — both retail and corporate — went up 13.3% y-o-y in 3Q 2024 to SAR 846.5 bn, data from the Saudi Central Bank (Sama) showed. Retail mortgage loans grew 11% to SAR 656.9 bn, while corporate mortgage loans jumped 21.9% to SAR 189.6 bn during the period.

#3- The Kingdom’s hydrogen output accounts for 10% of the global production target, Mubasher quotes Industry and Mineral Resources Minister Bandar Al Khorayef as saying. The value of the kingdom’s mineral resources currently stands at USD 1.5 bn, he added.

#4- Saudi Arabia has handed out USD 6 bn in support to over 60 countries having water sector crises, Crown Prince Mohamed bin Salman was quoted as saying at Riyadh’s One Water Summit by Mubasher.

OIL WATCH-

Opec+ crude production was up 120k bbl / d in November at an average of 27 mn bbl / d, according to a Bloomberg survey. Libya led the increase, boosting its output by 110k bbl / d to 1.14 mn bbl / d following the restart of its Sharara oil field. The UAE also added 90k bbl / d, reaching an average of 3.26 mn bbl / d, as it begins ramping up ahead of a special allowance from the group to pump more next year. Meanwhile, Iraq slashed production for the third month in a row, cutting some 70k bbl / d at 4.1 mn bbl / d. Despite taking steps to improve compliance, Baghdad is still pumping above its Opec+-mandated quota.

Meanwhile, it is looking increasingly likely that the Saudi and Russia-led alliance will postpone unwinding production cuts into 1Q 2025 as sluggish global demand and an uptick in non-Opec+ production continues to push down prices, Reuters reports, citing several unnamed sources. The increase, originally set at 180k bbl / d, has already been postponed twice due to global market conditions. A further delay into next year’s first quarter “ is all but priced in,” oil broker PVM’s John Evans told the newswire.

The next checkpoint? The bloc is scheduled to hold their December ministerial meeting tomorrow following a flurry of phone calls and in-person meetings between officials to iron out an understanding going in. A 300k bbl / d bump to the UAE’s quota that is set to take effect in January — and was originally cleared by the group in June — is likely to be brought up for debate, sources told Reuters.

SPORTS-

#1- Could an early timing of 2034 Fifa World Cup disrupt Premier League schedule? The 2034 Fifa World Cup, to be hosted in Saudi Arabia, could potentially be pushed forward by as much as 10 months, which would cause disturbances to the Premier League schedule, the Daily Mail reports. The early shift would be in response to concerns over the country’s extreme summer heat and in effort to avoid coinciding with the holy month of Ramadan.

#2- Al Hilal reinstated Neymar in their Saudi Pro League squad at the expense of former Chelsea player Kalidou Koulibaly who is set to have his contract terminated or be loaned out, Daily Mail reports.

#3- UK boxer Daniel Dubois will face off against former champion Joseph Parker for the world heavyweight title in Saudi Arabia on 22 February, BBC reports.

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THE BIG STORY ABROAD-

The global press started the week speculating about the possible fall of the government in Syria, then France, and now South Korea, with President Yoon Suk Yeol’s unexpected imposition of martial law quickly rescinded after a parliamentary vote — including dissent from his own conservative People Power Party — and outrage across the political spectrum. The move, criticized as an authoritarian overreach, has sent ripples through financial markets, with investor confidence shaken and the KRW initially weakening against the greenback before climbing back after the end of martial law. (Financial Times | Wall Street Journal | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

The expected collapse of French Prime Minister Michel Barnier’s government is also continuing to rank high on the digital front pages, as the country’s lawmakers get ready for a no-confidence vote later today. As in South Korea, the political uncertainty has rattled financial markets, with bond investors punishing France’s sovereign debt. President Macron appears to be making use of the plentiful sand during his trip to Riyadh to put his head in, telling reporters that he’s confident the government can survive the vote. (Financial Times | Bloomberg | Reuters | Guardian)

While over in trade war news, China has banned exports to the US of key minerals and metals — including gallium, germanium, and antimony — all used in semiconductors and military equipment, marking a sharp escalation in the ongoing US-China tech war. (Financial Times | Reuters | Associated Press | New York Times)

And in market news, some are wondering if the AI hype could soon be over, with Vanguard’s Joe Davis warning that investors have overestimated the near-term potential of artificial intelligence, raising the likelihood of a market correction. (Financial Times)

CIRCLE YOUR CALENDAR-

The three-day XP Music Futures Conference kicks off in Riyadh’s Jax District tomorrow, bringing top music voices together for workshops, panels, and networking prospects. Tickets can be booked here.

The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The two-day pharma exhibition CPHI Middle East kicks off in Riyadh on Tuesday, 10 December. The event will bring together leading pharma companies, industry experts, and innovators to discuss advancements in medicine and healthcare.

Non-oil economy posts record growth in November

Saudi’s non-oil business sector logged its strongest performance since July 2023 in November, marking four consecutive months of gains as solid consumer demand drove new orders despite higher cost pressures, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted headlined figure climbed to 59.0 last month, up from 56.9 in October, and remaining well above the 50.0 mark that separates growth from contraction. The story got ink from Reuters.

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Strong order books drove the momentum: The new orders subindex climbed to 63.4 in November, up from 62.5 the previous month, on the back of higher customer demand, increased investment spending, and positive reactions to marketing campaigns. Businesses also noted a recovery in export sales, reversing a slight dip seen in October.

“This robust expansion, marked by accelerated output and demand, reflects the increasing capacity of non-oil sectors to contribute to economic activity independently of oil price fluctuations. Growth was driven by sharp rises in new orders, purchasing activity, and employment, highlighting robust domestic demand and business confidence,” Riyad Bank Chief Economist Naif Al Ghaith said.

Hiring + inventories are also on the up: Employment growth hit its second-highest level in over a decade, with companies ramping up hiring to manage rising workloads. Higher staff numbers helped businesses work through backlogs, with outstanding business seeing a slight decline. Purchasing activity and inventory levels also saw sharp increases, reflecting confidence in sustained demand growth. “The acceleration in purchasing activity and inventory expansion suggests businesses are gearing up for continued growth in demand,” Al Ghaith noted.

The flip side? Inflationary pressures: Input costs rose at their fastest in over four years, with businesses citing higher wages — which saw their steepest rise in 10 years — and higher material costs on the back of geopolitical disruptions and higher transport costs. Strong demand also prompted firms to pass on costs to consumers, selling prices rising at their quickest pace since January. Meanwhile, higher purchasing by firms in November placed stresses on supply chains, with supplier performance improving at its slowest clip in 15 months.

IN CONTEXT- October saw selling prices rise for the first time in four months, as firms began passing on cost pressures to customers after months of absorbing them, with competition previously keeping prices in check.

Nice One IPO lands cornerstone investors

Nice One Beauty Digital Marketing secured binding commitments from cornerstone investors for its upcoming Tadawul IPO, it said in a supplementary prospectus (pdf). Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company and Frontier Investment Management Partners have committed to a cornerstone investment of some 4.3 mn company shares at the offer price.

The breakdown: Masarrah Investment and Mohammed Abdulaziz Al Habib & Sons have each subscribed to c. 1.7 mn shares representing 1.5% of the company shares after the offering. Meanwhile, Frontier Investment Management Partners have committed to 866,250 shares comprising 0.75% of company shares.

REFRESHER- Nice One announced its intention to float last month, with plans to sell some 30% of company shares on Tadawul. The company set a price range for the IPO at SAR 32-35 per share.

TotalEnergies + EDF Renewables land solar projects in the Kingdom

France’s state-owned electricity giant EDF Renewables and TotalEnergies were awarded tenders to develop solar parks in Saudi, Reuters reports. The investment size of the projects — the awards for which were announced during French President Emanuel Macron’s state visit to Riyadh — wasn’t disclosed.

The details: EDF will develop two solar parks totaling 1.4 GW — Al Masaa (1 GW) and Al Henakiyah 2 (0.4 GW) — in partnership with China’s State Power Investment Corporation. Meanwhile, a consortium of TotalEnergies and Saudi developer Aljomaih Energy and Water Company signed a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company for the 300 MW Rabigh 2 solar power project, according to a statement (pdf). The project is set to come online in 2026.

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ALSO- Aramco, TotalEnergies, and the Saudi Investment Recycling Company signed a Joint Development and Cost Sharing Agreement to evaluate establishing a sustainable aviation fuels (SAF) plant in Saudi Arabia’s Eastern Province, according to two separate statements (here, and here). This aims to utilize innovative technologies to recycle local waste, such as used cooking oils and animal fats, into SAF.

MEANWHILE- Aramco is zeroing-in on China as a destination for new petrochemical investments, Senior VP Ali Al Mishari told AlEqtisadiah on the sidelines of a petrochem conference in Dhahran. The Aramco official cited the Chinese market’s advanced technologies, high production capacity, and competitive production costs as factors.

Acwa Power eyes USD 6-10 bn in investment in China next year

Acwa Power plans to invest between USD 6-10 bn in China next year, Acwa Power China CEO Yunhe Lyu (Linkedin) told Asharq Business. The company invested USD 2 bn during its first year of operations in China, Lyu added.

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ICYMI: Acwa Power’s latest China-based project was unveiled during the Future Investment Initiative (FII) forum in late October, where the renewables giant inked an R&D partnership with China’s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies.

IN CONTEXT- The government is taking steps to consolidate investment ties with China, with PIF leading the charge. The fund inked six MoUs valued at up to USD 50 bn with major Chinese banks in early August, with the move coming in a bid to spur “two-way capital flows through both debt and equity, and come as part of PIF’s strategy to foster institutional partnerships globally.”

Tas’heel drove growth in United International Holding’s results in 3Q

United International Holding (UIHC) — which owns and operates Tas’heel — logged 11.1% y-o-y growth in net income at SAR 59 mn in 3Q, the firm said in a disclosure to Tadawul. UIHC attributed the gains in profitability to a 22.3% bump in revenues at SAR 161.7 mn as Tas’heel’s consumer finance portfolio grew 25% on the back of new Shariah-compliant financing solutions.

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On a 9M basis: UIHC’s net income saw a 0.8% y-o-y uptick at SAR 158.1 mn in 9M 2024 as gains were partially offset by a bump in expected credit loss provisions and selling, general, and administrative expenses during the period. Revenues were up 17.7% at SAR 451 mn on the back of a surge in Tas’heel’s consumer finance portfolio.

UIHC’s share price rose 30% — the maximum daily increase allowed — to SAR 171.6 apiece during its first trading session on Tadawul yesterday. The company sold a 30% stake on the main market late last month in an offering which saw its institutional and retail tranches 132x and 9.1x oversubscribed amid strong demand from investors.

Riyadh Steel names acting CEO

Riyadh Steel appointed Abdullah Ali as acting CEO, effective Tuesday, 31 December, following the resignation of outgoing CEO Ahmed Alnafie, according to a disclosure to Tadawul. Ali brings over seven years of experience across various industrial sectors, beginning his career in supply chain management and later focusing on strategic and developmental projects.

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Moody’s upgrades SRC’s long-term issuer rating to A1, but revises outlook to stable

DEBT WATCH-

Moody’s upgraded PIF’s Saudi Real Estate Refinance Company’s (SRC) long-term issuer rating to A1, from A2, and downgraded the outlook to stable from positive, according to a statement (pdf). The upgrade comes on the back of the rating upgrade of Src’s parent company to Aa3 with a stable outlook . It was also driven by Src’s solid asset quality and strong capitalization.

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M&A WATCH-

Neo Space Group to acquire UP42: PIF-owned commercial space services provider Neo Space Group has entered a definitive agreement with Airbus Defense and Space to acquire its earth observation digital platform, UP42, according to a press release. No further information was disclosed.

About UP42: Launched by Airbus in 2019 in Germany, the platform derives insights from geospatial data via a cloud-based platform. Its earth observation digital platform provides customers access to data and analytics from over 80 geospatial companies, making it easy to source and manage data from multiple providers through one interface.

TRADE-

#1- New anti-dumping measures placed on imports from China, Russia: Saudi Arabia imposed anti-dumping tariffs on Russian and Chinese imports of Sulphonated Naphthalene Formaldehyde — a water reducing agent used in concrete mixing — to protect Saudi businesses from unfair trade practices after several complaints were received from the domestic industry, according to a statement from the General Authority of Foreign Trade. The tariffs will range from 18.12% to 34%, effective 3 December, and they will be in place for five years.

#2- The Islamic Development Bank to offer support for Malaysian, Algerian exporters: The Jeddah-based Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC), the Islamic Development Bank’s ins. arm, signed two agreements in Algeria to mitigate risks undertaken by Malaysian and Algerian exporters.

The agreements: The ICIEC signed a strategic Quota Share Retakaful Agreement with Bank of Malaysia Berhad (MEXIM) to offer Export Trade Credit Risk Takaful to Malaysian exporters, according to a statement. It also signed another agreement with the Algerian Ins. and Export Guarantee Company (CAGEX) to offer comprehensive reins. solutions for Algerian exporters and boost CAGEX's capacity to underwrite larger volumes of export credit ins, according to a separate statement.

AVIATION-

Saudi Arabia and Lithuania signed an agreement to implement a regulatory framework for air travel between the two countries and support the Kingdom’s expansion targets in the aviation sector, which include boosting its national carriers’ network to reach 250 destinations by 2030, state news agency SPA reports.

REAL ESTATE-

The Saudi Real Estate Development Fund rolled out an early repayment program offering up to 24% reductions on mortgage loans taken before 2017, state news agency SPA reports. To qualify for the program, eligible borrowers will be required to pay back the remainder due amount of the loan in full or pay a minimum of one-year installments. Borrowers with overdue payments won’t be eligible for the program.

Rate cuts ahead, but not necessarily in December

Rate cuts are coming, but it might not be this month: The US Federal Reserve is expected to continue cutting interest rates in 2025 despite no firm expectations about the next cut taking place this month, Bloomberg reports, citing three unnamed Fed officials. The final decision will be made at a meeting on 17-18 December.

It all depends on the data: There is support for a cut in December, but the decision will depend on whether upcoming data — including for the labor market — alters the “forecast for the path of inflation,” Fed Governor Christopher Waller said. New York and Atlanta Fed presidents shared this view, emphasizing that the inflation data will be the deciding factor as “the outlook remains highly uncertain.”

Service-sector inflation remains a concern: The personal consumption expenditures price index, excluding food and energy, increased by 2.8% for the 12 months ending in October, leading some investors to expect delays in the cutting cycle.

REFRESHER- Analysts have been anticipating interest rate cuts since the US elections wrapped last month, though the Fed has signaled that its rate cut cycle may play out slower than initially forecasted. Analysts also expect new policies from president-elect Donald Trump to drive up inflation and potentially slow down the monetary easing cycle further. The expected cuts would come just two months after the Fed’s 50 bps rate cut in September — its first in over four years.

A change to the Fed’s inflation policy is needed, officials say: Flexible average inflation policy will be reviewed in the Fed’s next framework evaluation in January. This review will look into the current framework, which allows inflation to run slightly above the target, and which Waller said was backward looking and designed before inflation began to rise.

MARKETS THIS MORNING-

Asian markets are in the red as investors digest the events in South Korea, with the country’s Kospi index down more than 2%, and South Korean stocks in the US seeing intense volatility. Over on Wall Street, futures are flat after the S&P 500 and Nasdaq closed at record highs.

TASI	11,815.93	+0.65% (YTD: -1.3%)
MSCI Tadawul 30	1,479.19	+0.6% (YTD: -4.6%)
NomuC	30,357.42	+0.2% (YTD: +23.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,628.74	+0.3% (YTD: +23.0%)
ADX	9235	-0.3% (YTD: -3.6%)
DFM	4847	+0.5% (YTD: +19.4%)
S&P 500	6050	+0.1% (YTD: +26.8%)
FTSE 100	8359	+0.6% (YTD: +8.1%)
Euro Stoxx 50	4879	+0.7% (YTD: +7.9%)
Brent crude	USD 73.62	+2.5%
Natural gas (Nymex)	USD 3.05	+0.2%
Gold	USD 2,666.20	+0.3%
BTC	USD 95,740.50	+0.3% (YTD: +127.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.65% yesterday on turnover of SAR 5.85 bn. The index is down -1.3% YTD.

In the green: UIHC (+30%), Riyadh Cables (+8.0%) and EIC (+6.2%).

In the red: Al Akaria (-1.8%), Sipchem (-1.5%) and Tamkeen (-1.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 93.6 mn. The index is up 23.8% YTD.

In the green: Purity (+12.6%), AME(+11.6%) and Al Qemam (+9.7%).

In the red: Paper Home (-7.5%), NGDC (-6.3%) and Al Fakhera (-5.9%)

CALENDAR

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

3-5 December (Tuesday-Thursday): Jeddah International Agriculture and Food Exhibition, Jeddah Exhibition and Convention Center, Jeddah.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

4-10 December (Wednesday-Tuesday): Bookbuilding and institutional offering for Almoosa Health’s IPO.

5 December (Thursday): Opec+ Joint Ministerial Monitoring Committee meeting.

5-7 December (Thursday-Saturday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

5-8 December (Thursday-Sunday): XP Music Futures Conference, Riyadh.

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15 December (Sunday): Launch day for Riyadh Metro lines two and three.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

5 January (Sunday): Launch day for Riyadh Metro line 3.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Federal Open Market Committee meeting.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

26 June (Thursday): 2024-2025 academic year ends.

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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Non-oil economy posts record growth in November

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